Macau Needs to Diversify
Macau has become synonymous with gambling.
Even though punting in this special administrative region of China has allowed legal gambling since 1850, it has only been since the entry of large foreign casino groups in the last 10 years, that business in this region has boomed.
At the recent opening of the Global Gaming Expo Asia 2014, many top executives from various multi-national casino groups expressed that it’s in everyone’s interests to diversify their offerings in Macau beyond just gambling.
Macau in 2013 produced more than $45 billion dollars in revenues which is seven times more than Las Vegas but executives stressed the need to diversify in two aspects.
Grant Bowie, CEO of MGM China Holdings, commented that the affluent middle-class family groups, also known as the premium mass in the Macanese market, have gained confidence in accessing Macau and the casinos, and it is these new customers that are seeking non-gaming as well.
Grant Chum, senior vice president of global gaming strategy at Las Vegas Sands, reiterated this in his address that promoting more non-gaming, family-friendly events will attract a wider range of consumers to Macau.